If you don’t know where you’re going, how can you get there?
A clear strategy is like having a blueprint to success; it includes how and where you position yourself in your niche, how you will achieve your long-term and short-term goals and the direction you plan to take your business, and yourself, in. Without it, you will feel overwhelmed and directionless, so think of your strategy as your roadmap to success.
What should it include?
- Strategic business goals, including your long and short term vision, as well as a clear definition of who your customer is. One of my favourite topics to discuss with clients is daily, weekly, monthly, quarterly and annual planning. Do you know where your business is heading? If you do, you can map out the road clearly, ensuring that product launches, pricing and marketing campaigns are cohesive; your brand messaging will be consistent and clear, helping you to capture customer attention and spend.
- Stock: You should always know what you have on hand in your warehouse, what’s in transit and what’s on order. Having this information allows you to plan cash-flow and ensure you have enough stock to cover key trading periods (Mother’s Day, Easter etc)
- Sales: Calculate an annual sales target in cash and units, then work backwards to quarterly, monthly, weekly and daily targets so that you can see clearly what you need to achieve.
- Social media/ marketing: Have a social media content plan that stretches out for at least 6 weeks, allowing you plenty of time to cover relevant upcoming holidays and events that might increase sales.
What will mapping out your strategy do for you?
- It will give you confidence that you are heading in the right direction
- Having a focal point makes achieving your goals more likely
- You will feel less overwhelmed, and be far less likely to procrastinate
- You won’t waste time on non-value add projects and distractions
- Taking consistent action towards your goals builds momentum
If you want expert help to build your strategy, get in touch. I have over 15 year experience in retail, with expertise in strategy, operations, merchandising, planning and logistics; in short, I know retail! I’ve worked with businesses big and small to help them achieve their goals, and I would love to help you build the business of your dreams. Contact me here.